23.03.201716:48 Forex Analysis & Reviews: NZD/USD fundamental analysis for March 23, 2017

NZD had an important event today which was the Official Cash Rate during the RBNZ Rate Statement which was remained unchanged at 1.75% as expected. As the bounce off the 0.6900 area the price is currently heading upwards with an impulsive manner with the help of increased in Unemployment Claims report of USD. Today USD Unemployment Claims report was published with an increased figure of 258k which was expected to be at 240k and Currently FED Chair Yellen is speaking about the upcoming rate decisions. So, today the market is quite volatile as we observed but as of weak USD data published today, it is expected that NZD will gain more against USD in the future.

Now let us look at the technical view, as of negative reports of USD Unemployment claims and confused structure of the interest rate hike, USD is currently weaker than NZD. The price has bounced off from the dynamic support of 20 EMA and currently heading towards 0.7130 and any rejection or break off the level 0.7130 will indicate the future moves. Currently bullish move towards 0.7130 is expected.